Detroit, MI 48224 Real Estate Market Report

ZIP Code: 48224
Report Date: February 2026
Market Temperature: NEUTRAL
Scope: Single-Family Residential (SFR) listings and comps only

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Executive Overview

In Detroit, MI (ZIP: 48224), the median sold price stands at $85,000, reflecting a market that may be stabilizing amid a backdrop of elevated inventory levels. The current market conditions suggest a shift towards a more balanced environment, where homes are less frequently selling above list price. This trend indicates that buyers may have more negotiating power, as evidenced by the median days on market of 193 days, which points to slower sales velocity compared to previous periods.

The median listing price is reported at $100,000, creating a notable pricing gap that may reflect seller expectations versus actual market realities. With 100 active listings analyzed against 200 sold properties, the data suggests excess supply relative to sales activity, which could further contribute to price stabilization or softening in the near term. Overall, the market temperature is currently assessed as neutral, indicating a balanced state between buyers and sellers, although moderate interest rate pressure may influence future transactions.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

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Property Taxes

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

Current Mortgage Rate Context

Market-level mortgage rate comparison for this area:

Current 30-year fixed mortgage rates in the Detroit, MI market average around 5.875% to 6.375%, which is lower than the 7%+ rates seen at the start of 2026, suggesting potential savings for recent buyers.

Note: Interest rate comparisons provide market context. The existing "Interest Rate Pressure" metric above shows the qualitative market impact.

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Key Findings

1. The median sold price of $85,000 indicates potential price stabilization in the market.

2. With a median listing price of $100,000, there is a significant gap suggesting pricing friction between seller expectations and buyer willingness.

3. The median days on market of 193 days reflects a slower sales velocity, indicating a cooling market.

4. Current market conditions show 100 active listings against 200 sold properties, suggesting elevated inventory levels relative to sales activity.

5. The market temperature is neutral, indicating a balanced environment between buyers and sellers despite moderate interest rate pressure.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.